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Trending ETFs

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Towle Deep Value Fund

TDVFX | Fund

$20.22

$101 M

0.72%

$0.14

1.12%

Vitals

YTD Return

1.7%

1 yr return

23.2%

3 Yr Avg Return

5.6%

5 Yr Avg Return

11.4%

Net Assets

$101 M

Holdings in Top 10

38.9%

52 WEEK LOW AND HIGH

$19.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.12%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 50.00%

Redemption Fee 2.00%


Min Investment

Standard (Taxable)

$5,000

IRA

$2,500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Towle Deep Value Fund

TDVFX | Fund

$20.22

$101 M

0.72%

$0.14

1.12%

TDVFX - Profile

Distributions

  • YTD Total Return 1.7%
  • 3 Yr Annualized Total Return 5.6%
  • 5 Yr Annualized Total Return 11.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.42%
DIVIDENDS
  • Dividend Yield 0.7%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Towle Deep Value Fund
  • Fund Family Name
    INVESTMENT MANAGERS SERIES TRUST
  • Inception Date
    Oct 31, 2011
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Christopher Towle

Fund Description

The Fund seeks to achieve its investment objective by purchasing equity securities of companies that Towle & Co., the Fund’s investment advisor (the “Advisor” or “Towle”), believes are deeply discounted relative to the companies’ earnings potential. The Advisor’s security selection process emphasizes companies trading at low multiples to sales where small improvements in profitability can result in significant earnings expansion and stock price appreciation.

The Advisor believes its independent, contrarian viewpoint is essential to the Fund’s strategy. This contrarian approach challenges consensus by actively seeking investment opportunities that are undervalued due to adverse business developments, unfavorable market sentiment, or other factors. The Advisor does not attempt to manage the Fund’s portfolio against the composition of a benchmark. Under normal conditions, the Fund generally expects to hold a relatively concentrated portfolio of between 25 and 50 positions.

The Fund invests primarily in equity securities of U.S. issuers and maintains the flexibility to invest in common stocks of companies across different market capitalization levels, although the Advisor's investment process generally gravitates towards smaller companies. Furthermore, the Advisor has the discretion to allocate up to 25% of the Fund’s total net assets to foreign securities, either directly or indirectly through the use of American Depositary Receipts (“ADRs”), which represent interests in foreign securities held in custody by U.S. banks.

The Fund does not invest in tobacco, liquor, or gaming companies.

The Fund is a “non-diversified” fund, which means that the securities laws do not limit the percentage of assets that it may invest in any one company (subject to certain limitations under the Internal Revenue Code of 1986, as amended (the “Code”)). From time to time, the Fund may focus its investments in particular sectors. For example, as of September 30, 2023, 38.5% of the Fund’s net assets were invested in the consumer, cyclical sector, and 27.1% of the Fund’s net assets were invested in the energy sector.

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TDVFX - Performance

Return Ranking - Trailing

Period TDVFX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% -11.0% 11.8% 88.77%
1 Yr 23.2% -0.8% 43.6% 28.85%
3 Yr 5.6%* -12.8% 69.3% 36.34%
5 Yr 11.4%* -3.6% 49.5% 21.89%
10 Yr 7.3%* -3.4% 26.6% 43.81%

* Annualized

Return Ranking - Calendar

Period TDVFX Return Category Return Low Category Return High Rank in Category (%)
2023 16.3% -18.4% 33.6% 19.08%
2022 -9.1% -36.7% 212.9% 12.98%
2021 26.2% -62.0% 147.6% 30.88%
2020 5.5% -24.8% 31.3% 25.24%
2019 21.4% -30.1% 34.0% 31.85%

Total Return Ranking - Trailing

Period TDVFX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% -11.0% 11.8% 88.77%
1 Yr 23.2% -0.8% 43.6% 28.85%
3 Yr 5.6%* -12.8% 69.3% 36.34%
5 Yr 11.4%* -3.6% 49.5% 21.89%
10 Yr 7.3%* -3.4% 26.6% 43.81%

* Annualized

Total Return Ranking - Calendar

Period TDVFX Return Category Return Low Category Return High Rank in Category (%)
2023 19.0% -15.5% 35.4% 25.88%
2022 -2.2% -36.7% 250.0% 9.40%
2021 26.2% -3.2% 157.9% 77.19%
2020 5.6% -13.5% 33.4% 34.43%
2019 22.6% -17.4% 34.3% 43.95%

NAV & Total Return History


TDVFX - Holdings

Concentration Analysis

TDVFX Category Low Category High TDVFX % Rank
Net Assets 101 M 2.53 M 46.3 B 78.48%
Number of Holdings 38 10 1583 94.78%
Net Assets in Top 10 46.7 M 217 K 2.97 B 61.96%
Weighting of Top 10 38.89% 0.3% 88.4% 12.20%

Top 10 Holdings

  1. M/I Homes, Inc. 4.80%
  2. PVH Corp. 4.52%
  3. Alpha Metallurgical Resources, Inc. 4.27%
  4. G-III Apparel Group Ltd. 4.22%
  5. United States Steel Corp. 3.85%
  6. Stellantis N.V. 3.59%
  7. Par Pacific Holdings, Inc. 3.58%
  8. JELD-WEN Holding, Inc. 3.49%
  9. Foot Locker, Inc. 3.31%
  10. Cleveland-Cliffs, Inc. 3.26%

Asset Allocation

Weighting Return Low Return High TDVFX % Rank
Stocks
90.65% 0.99% 105.89% 95.22%
Cash
2.95% 0.00% 99.01% 32.61%
Preferred Stocks
0.00% 0.00% 2.62% 35.43%
Other
0.00% -1.78% 40.01% 50.22%
Convertible Bonds
0.00% 0.00% 2.63% 31.72%
Bonds
0.00% 0.00% 73.18% 33.26%

Stock Sector Breakdown

Weighting Return Low Return High TDVFX % Rank
Consumer Cyclical
46.01% 0.00% 51.62% 0.44%
Energy
23.92% 0.00% 29.42% 0.44%
Industrials
14.80% 0.65% 48.61% 71.56%
Technology
7.91% 0.00% 34.03% 62.00%
Consumer Defense
3.77% 0.00% 13.22% 51.33%
Financial Services
3.59% 0.00% 35.71% 98.22%
Utilities
0.00% 0.00% 13.86% 86.67%
Real Estate
0.00% 0.00% 44.41% 95.56%
Healthcare
0.00% 0.00% 25.76% 99.11%
Communication Services
0.00% 0.00% 24.90% 93.56%
Basic Materials
0.00% 0.00% 67.30% 99.11%

Stock Geographic Breakdown

Weighting Return Low Return High TDVFX % Rank
US
90.65% 0.96% 105.89% 92.83%
Non US
0.00% 0.00% 67.90% 51.74%

TDVFX - Expenses

Operational Fees

TDVFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.12% 0.05% 37.04% 57.83%
Management Fee 0.79% 0.00% 1.50% 51.63%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.35% 52.17%

Sales Fees

TDVFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

TDVFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 0.50% 2.00% 10.26%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

TDVFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 50.00% 7.00% 252.00% 46.63%

TDVFX - Distributions

Dividend Yield Analysis

TDVFX Category Low Category High TDVFX % Rank
Dividend Yield 0.72% 0.00% 14.21% 47.61%

Dividend Distribution Analysis

TDVFX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Quarterly Annual

Net Income Ratio Analysis

TDVFX Category Low Category High TDVFX % Rank
Net Income Ratio -0.42% -1.43% 4.13% 90.44%

Capital Gain Distribution Analysis

TDVFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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TDVFX - Fund Manager Analysis

Managers

Christopher Towle


Start Date

Tenure

Tenure Rank

Oct 31, 2011

10.59

10.6%

Christopher D. Towle joined Towle & Co. and served as a member of the investment team since 1994 and has been instrumental in all aspects of the firm's growth and development. As in integral member of the investment team, he shares responsibility for the investment management process including portfolio management, trading, and research. Prior to 1994, he served as a General Manager of H. H. Brown Shoe Co., Inc., an operating subsidiary of Berkshire Hathaway, with full line responsibility for a division of the company. He started his professional career as a Senior Credit Analyst at Manufacturers Hanover Trust in New York City. Chris graduated from Williams College in Williamstown, MA with a B.A. in history in 1990 and received an MBA from Washington University in St. Louis in 1998.

Wesley Tibbetts


Start Date

Tenure

Tenure Rank

Oct 31, 2011

10.59

10.6%

Wesley R. Tibbetts, CFA, joined Towle & Co. in 2010 as a valued member of the investment team with broad duties across the portfolio management and research process. Previously, Wes was an analyst at Lehman Brothers under the Private Equity division and at Neuberger Berman within the NB Alternatives group. While at these organizations, he analyzed buyout, venture capital and distressed debt funds as a part of his group’s private equity fund of funds platform. In addition, Wes shared duties in the analysis, management and reporting of a listed private equity fund. Wes graduated summa cum laude with a BBA in Finance from the Cox School of Business at Southern Methodist University in 2008. He is a CFA charterholder.

Peter Lewis


Start Date

Tenure

Tenure Rank

Oct 31, 2011

10.59

10.6%

Mr. Peter J. Lewis, CFA, Director of Research, has been a member of the Towle team since 2001. Prior to Towle & Co, Mr. Lewis was President of Principle Research, Inc. From 1991 to 1998, Mr. Lewis was a Partner and department leader at Edward Jones & Co., where he developed a seven-person research team responsible for determining the suitability of all products sold by the company. Before 1991, Mr. Lewis worked as a Senior Credit Analyst for three years at the Bank of New York.

James Shields


Start Date

Tenure

Tenure Rank

Dec 31, 2013

8.42

8.4%

James M. Shields, CFA, Portfolio Manager, joined Towle in 2013. Previously, Mr. Shields was a Manager at Deloitte Financial Advisory Services and an Analyst at Marshall & Stevens in the Business and Intangible Asset Valuation groups. While at these organizations, Mr. Shields managed a team of analysts, valued privately held companies, and valued intangible assets for multinational transactions. Mr. Shields graduated from the University of Missouri with a BBA in finance & banking/real estate and received an MBA from the University of Chicago Booth School of Business. He holds the distinction of Chartered Financial Analyst.

G. Barthelmess


Start Date

Tenure

Tenure Rank

Feb 01, 2021

1.33

1.3%

Luke joined Towle & Co. in June 2018 after serving the firm in a consulting role while completing his MBA. Prior to business school, Luke was an analyst at Kinderhook Partners, an employee-owned investment manager that invests globally in public and private companies. While at Kinderhook, he analyzed search funds, micro-cap and small-cap stocks, and leveraged control investments. Prior to joining Kinderhook, he played quarterback for the Stuttgart Scorpions in the German Football League. Luke graduated cum laude with BA degrees in mathematics & economics from Lawrence University and received an MBA from Columbia Business School.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 37.45 8.17 3.58